Here I was bracing myself for having no place to shop when the Land Park Target on Broadway closes up in January for expansion, and yesterday I read that Target has called off its remodeling plans due to the depressed economy.
I have mixed feelings about it.
In a way, I'm relieved that the store will stay open, which means I won't have far to drive to pick up laundry soap, cases of diet coke or canned cat food. On the other hand, I was looking forward to the newly expanded store, with a second level and impressive architectural style, not to mention plenty of new inventory.
If it's any consolation, Target is not moving forward with its plans to build downtown, either. Its scaling back on its expansion plans and waiting for the economic climate to improve. So, it looks like we'll still get the new Target in Land Park; we just have to wait for it.
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The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009
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Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
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Elizabeth: I heard that Wal-Mart is in the same boat. No new stores, no remodeling...at least for now. As long as these stores are still open, they should count their blessings. In Gainesville, we just had a Linens 'n Things just open about two months ago. I kid you not, they are already going out of business.
Elizabeth - I hope things will pick up for Target and other stores before too long... :)
Elizabeth
I am just happy to see large companies being able to stay afloat. Hope all is well.
Regards
Tom Braatz
Elizabeth, the big box retail establishments are looking closely at future investment until this economy settles down so this decision probably was to be expected.
Hi Chris Ann: There is an AP story in today's paper that says Wal-Mart is still opening new stores next year, just not as many as they opened this year.
Hi Debi, Tom and Gary: At last stores like Target are still open. I'd be lost without the Target by my house.
Shop at Target, but didn't really see downtown as the right place for it.
One of the investment guru's on Bloomberg today suggested Target as a "conditional" blue chip because they are a strong player in a weak sector (retail). Maybe as things pick up, you will get your store upgraded.
Fred, that's an interesting angle to come at it from.
Nice post Elizabeth. A few huge stores opened up by 71st and Continental, put several long term but small mom and pop stores out of business, only to close down a few months later. What a bummer...
Hi JG: They put a Target in downtown Minneapolis. A huge problem with it was carting those gigantic Target bags to the car!
Hi Fred: Ah, I recall the days when Target was nothing more than a small-scale suburban outlet for leftover merchandise from Dayton's.
Hi C: At least Target is not another K-Mart.
Oh my word! E, you got that right (LOL).
Sounds like good management to keep the company profitable.
Hi C: Target is a bit more upscale than K-Mart, which is sort of the Wards catalog variety -- oh, wait, maybe Wal-Mart has taken that over. LOL.
Hi Terry: Target is based out of Minneapolis. I tend to trust Minnesota companies. They aren't swayed by palm trees and movie stars or Wall Street. BTW, my General Mills stock is pretty secure. Minnesota company. You know who figured out who the terrorists were during 9/11, right, and refused to let them fly planes -- Minnesota!